The Talbot Bank of Easton, Maryland has announced that the Federal Deposit Insurance (FDIC) and the Maryland Commissioner of Financial Regulation have terminated the consent order the bank entered into on 24 May 2013.
While the order has been terminated, the bank will be required to continue to adhere to certain requirements and restrictions based on commitments made to the FDIC and the Commissioner in connection with the termination of the Order, which include, among other things, continued reduction of classified assets and maintenance of capital in excess of regulatory minimums.
"Since 2013, we have diligently worked to meet the requirements of the regulators to achieve this milestone," said Patrick M. Bilbrough, Chief Executive Officer and President of the Bank. "The termination of the Order reflects our hard work to improve credit quality and raise new capital. We are grateful to the regulators for acknowledging our progress in restoring the overall condition of the Bank. We thank our employees for their ongoing efforts in helping us achieve this success."
"The lifting of the Order provides the Company with the opportunity to pursue a number of strategic initiatives and improve the overall performance of the Company," said Lloyd L. "Scott" Beatty, Chief Executive Officer and President of Shore Bancshares, Inc.
The Bank is a member of the Shore Bancshares community of companies, the largest independent financial services company that offers banking, insurance and wealth management services to families and businesses on the Delmarva Peninsula.
As a financial holding company with $1.1 billion in assets, the Shore Bancshares community of companies also includes CNB, Wye Financial & Trust, Avon-Dixon Agency, LLC, Elliott Wilson Insurance, LLC and Jack Martin & Associates, Inc.